(UPDATE) PRESIDENT Ferdinand Marcos Jr. and Russian President Vladimir Putin have agreed to explore new opportunities for cooperation in food and energy security, as they sought to further enhance bilateral relations.
The two leaders held a meeting on the sidelines of the Asean-Russia Commemorative Summit in Kazan, Russia on Wednesday.
Putin told Marcos that Russia saw "good potential" to enhance its supply of agriculture and energy resources" with the Philippines.
"Apparently, we are approaching the present threshold with an immense capital of mutually beneficial cooperation underpinned by good traditions of mutual respect and respect for legitimate interests of each other," Putin said.
The Russian leader noted that bilateral trade exceeded $500 million last year.
"Of course, this is far from the limit. There is a good potential to enhance supplies of agriculture and energy resources,” Putin said. "Today, we have a good opportunity, Mr. President, to evaluate the current stage the of Russia-Philippines cooperation."
Marcos agreed with Putin, saying that the Philippines is looking to forge closer energy and food security cooperation with Russia.
"There are many potential areas that I think we should still open to explore and I think that the present level of trade, although it is steady, I think there is a great deal more that we can do," Marcos said.
He cited ongoing efforts by both countries to expand business-to-business cooperation, including partnerships in innovation, retail products, cosmetics, food processing, and industrial collaboration.
"We appreciate the forward-looking exchange on the different structural issues that affect the trade and —between our two countries," he added.
Marcos also highlighted the significance of the meeting as Manila and Moscow celebrated the golden anniversary of diplomatic ties established on June 2, 1976.
He thanked Putin for Russia's hospitality and noted the significance of the meeting as the two countries celebrated half a century of diplomatic ties.
Meanwhile, Marcos invited Putin to attend the 21st East Asia Summit, which will be held in Manila in November.
The East Asia Summit is an annual gathering among the 11-member Asean and its eight dialogue partners including China, Japan, South Korea, India, Australia, New Zealand, Russia, and United States.
"The East Asia Summit remains an integral part in maintaining a regional architecture towards our shared goal of a stable, secure, and prosperous region," Marcos said.
Marcos is in Kazan to co-chair the Asean-Russia Commemorative Summit alongside Putin and fellow Assa leaders as they review 35 years of Asean-Russia relations and chart the future direction of the strategic partnership between the regional bloc and Moscow.
